12.40: Chairman Hill-Wood not coming across well here. Making snide, disrespectful jibes about supporters who are only venting their obvious frustrations. Not good.

12.35: Wenger given rapturous round of applause as he ends his speech. Saved the day yet again...

12.34: 'We have to be united to achieve our goals,' says Wenger. Frenchman says he respects everyone's opinion but everyone involved with the club have to stick together for the sake of the club.

Speaking out: One group of irate Arsenal fans put this banner up outside the Emirates

12.32: Wenger says qualifying for the Champions League is more important than winning FA or League Cup. He adds that potential signings don't care about winning the League Cup - they want to play in the Champions League.

12.29: Wenger believes this team can deliver and the players 'will show that I'm right'. He adds: 'My job is to produce the best performances with the resources we've got. I'm proud of that.'

12.27: Wenger says the club, team and staff was solid to come back from last season's poor start. Says the three players bought in the summer will be a success. Says his side started season well but have now hit the wall.

11.58: Stan Kroenke speaks for the first time. Says only regret he has about his involvement with Arsenal is that he didn't get involved sooner.

11.56: When asked about lack of spending in transfer market, Gazidis says spending every last penny they have available is not the answer.

Reading the riot act: The BBC's David Ornstein tweeted this image of handout from an Arsenal supporter group

11:52: In
reply, Gazidis again sites the major spending by competitors. But can't
deny it has been a challenging time. Says club are building a
sustainable base for the future.

11.46: Gazidis
replies: 'Tickets are an important stream of revenue. Arsenal have
spent plenty time speaking to fans groups about the issue. Affordability
is something the club will continue to look at.'

11.42: Gazidis
commends Wenger for building a competive team in the face of rivals
massive spending. Says he is confident will soon be ending their trophy
drought.

11.40: Gazidis
says Arsenal are leading the way in ending the 'pointless' spending
across the world. Says Arsenal will soon be able to compete with world's
elite clubs.

11.37: Gazidis says Arsenal No. 1 ambition remains success on the pitch. Might be a few here who would beg to differ.

11.33: Up steps chief executive Ivan Gazidis. Leads round of applause for Pat Rice, who left in the summer.

11.20: Morning all. We are about to get underway here at the Emirates Stadium... some fans have already vented their feelings as these Twitter pictures show (above).